Gold climbs 0.7% as investors avert risk; WTI crude settles up 4.5%
San Francisco (Mar 26) Gold futures rallied past $1,200 an ounce today to settle at their highest level since early March as investors backed away from riskier assets amid a selloff for global equities and increased tension in the Middle East.
Gold for April delivery climbed 0.7% to settle at $1,204.80 an ounce on Comex. Prices have now climbed for seven sessions in a row, tallying a total gain of 4.9 percent during their streak of gains.
Saudi Arabia and its allies conducted air strikes in Yemen that fuelled worries Middle East energy shipments may be put at risk.
In other metals trading, May silver added 0.8 percent to end at $17.14 an ounce.
May copper rose 0.1 percent to $2.811 a pound.
April platinum tacked on 0.7 percent to $1,154 an ounce and June palladium rose 1 percent to $773.35 an ounce.
In energy trading, oil futures rallied today to tally a fifth straight session of gains as airstrikes in Yemen continued to boost concerns over crude supplies in the Middle East.
West Texas Intermediate for May delivery settled at $51.43 a barrel, up 4.5 percent on the New York Mercantile Exchange